Questions and Answers
A deed limitation on the use or enjoyment of real property is called a?
restriction
Conveyance of real property by escheat means the owner has died?
intestate without heirs
Russel is employed by Seller O'Neil to manage his rental house. What can correctly describe their relationship?
Russel is O'Neil's agent; Russel owes a fiduciary duty to O'Neil.
Under federal housing laws, steering means?
Signup and view all the answers
The Federal National Mortgage Association (FNMA) was created primarily for the purpose of?
Signup and view all the answers
A license may use the term 'team' or 'group' to advertise if?
Signup and view all the answers
A lease is an instrument used to transfer?
Signup and view all the answers
In Oregon, the county assessor is required by law to assess property at?
Signup and view all the answers
Under a government rectangular survey, a correction line is needed because of?
Signup and view all the answers
In a real estate sale transaction, title to the real estate passes from the seller to the buyer when?
Signup and view all the answers
A tenant vacated a heated apartment due to a defective heating system. This is an example of?
Signup and view all the answers
Which of the following tends to lower property values?
Signup and view all the answers
A 'release clause' in a mortgage is a provision which?
Signup and view all the answers
The abstract of title for a specific parcel of real estate provides?
Signup and view all the answers
A trust deed or mortgage is given as security for a promissory note.
Signup and view all the answers
A homestead exemption would NOT affect?
Signup and view all the answers
If a property manager deposits his own funds into his trust account, this situation is called?
Signup and view all the answers
The listing agreement between Frank Morrow and Broker Ted Scott authorized Scott to act as the sole agent of Morrow. This is an example of?
Signup and view all the answers
A buyer's debit on the closing statement always?
Signup and view all the answers
A proposal to auction real estate must?
Signup and view all the answers
Oregon real estate licensees may accept a listing for real property of the seller?
Signup and view all the answers
The Federal National Mortgage Association (Fannie Mae) functions in the secondary mortgage market to?
Signup and view all the answers
The term 'waiver' in a legal contract is best defined as?
Signup and view all the answers
The amount of compensation a property owner must pay a property manager is determined by?
Signup and view all the answers
Depreciation can be attributed to?
Signup and view all the answers
Study Notes
Definitions and Terms
- A deed limitation restricting the use or enjoyment of real property is known as a restriction.
- Conveyance of real property by escheat indicates the owner died intestate without heirs.
- In a real estate context, Russel acts as O'Neil’s agent and owes a fiduciary duty to him.
Housing Laws
-
Steering under federal housing laws includes:
- Discouraging property inspections based on sex or religion.
- Failing to inform potential buyers about desirable features based on familial status.
Federal National Mortgage Association (FNMA)
- The FNMA was created under Title III of the National Housing Act to primarily purchase Title II loans for market liquidity.
Advertising Regulations
- A license may use “team” or “group” in advertising if:
- Team members are associated with the same principal broker.
- The name is not deceptively similar to another trade name.
- At least one member is a licensed real estate agent.
Leases and Title Transfer
- A lease transfers possession and use of real property for a specified consideration.
- Title to real estate passes to the buyer when the seller executes and delivers the deed, and the buyer accepts it.
Property Assessment and Market Values
- In Oregon, properties must be assessed at market value.
- Deferred maintenance typically tends to lower property values.
Mortgages and Contracts
- A release clause in a mortgage allows portions of the property to be released from the mortgage lien.
- The abstract of title provides a full historical summary of matters affecting title.
Financial Instruments
- A trust deed or mortgage serves as security for a promissory note.
- Homestead exemptions do not affect trust deeds, construction liens, or mortgages.
Management and Commingling
- If a property manager deposits personal funds into a trust account, this creates a situation called commingling.
- Compensation for property management is determined by the property management agreement.
Auction Procedures
- Proposals to auction real estate must be in written, signed agreements and include terms set by the seller beforehand.
Real Estate Transactions
- A buyer's debit on the closing statement always increases the total paid by the buyer.
- The Federal National Mortgage Association (Fannie Mae) operates in the secondary mortgage market by buying mortgages from lenders.
Legal Terms
- The term waiver in legal contracts signifies a voluntary relinquishment of a right.
- Depreciation can result from economic obsolescence, functional obsolescence, and physical deterioration.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Test your knowledge of key terms and concepts in real estate with these flashcards. Perfect for anyone preparing for the real estate exam or wanting to solidify their understanding of property law. Review terms like restrictions and agency relationships to enhance your learning.
